Week of April 13th, 2020 | Vol. 9, Issue 15
In This Issue
Featured Headlines
Recent Industry Transactions
Industry Trading Comps
Recent Industry Headlines
Market Reports
Upcoming Events

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Managing Director
Business Development

Managing Director
Head of M&A and Capital Advisory

Above is an overview of recent industry M&A activity. For additional information, see the charts below or click on the chart above to download complete transaction tables broken out by industry sub sectors.
Vir Biotechnology is betting big on its two novel antibodies' potential to treat COVID-19, locking down a range of manufacturing partners to help scale up. Now, in a third major deal, Vir and Samsung will work together to boost production if the treatment proves effective.
Vir and Samsung Biologics have  inked  a $362 million deal to scale up manufacturing of Vir's monoclonal antibody program as a potential treatment for COVID-19, the companies said Friday.
As part of the agreement, Samsung will start manufacturing as early as October with its first engineering run and potentially begin producing commercial batches starting in 2021 from its Plant 3 facility. The partners hope to knock out final terms of the deal by July 31.

An Overview of Transactions Within Market Sub-segments
Below are summaries and charts with the past week's transactions from the different healthcare sectors. For a detailed table showing data for each industry transaction click on any of the charts. Total transaction values are provided in USD millions.
Pharma & Biotech
10 transactions totaling $27 million
Supplies, Equipment & Services
14 transactions totaling $75 million
Healthcare IT & Managed Care
0 transactions
Healthcare Facilities & Distributors
8 transactions totaling $380 million
Pharma & Biotech
23 transactions totaling $1,130 million
Supplies, Equipment & Services
9 transactions totaling $139 million
Healthcare IT & Managed Care
14 transactions totaling $140 million
Healthcare Facilities & Distributors
5 transactions totaling $13 million
Pharma & Biotech
18 transactions totaling $663 million
Supplies, Equipment & Services
10 transactions totaling $929 million
Healthcare IT & Managed Care
1 transaction totaling $200 million
Healthcare Facilities & Distributors
0 transactions
A Breakdown of Relevant Trading Multiples
Each week, we provide updated trading comps for leading companies from numerous healthcare sub-sectors.
To the right you will see a high-level breakdown of median revenue and EBITDA multiples for each of the specific sub sectors.

For a complete trading comp analysis (including the individual equities that comprise the sub sectors), click on the table. 

Note: data reflects prior week close.
A Sampling of Relevant Industry Headlines from Last Week
Below are snippets from relevant industry news articles from the past week. For additional information or the article's complete text, click the headline link to view the original publication.
April 10, 2020 - Fierce Pharma
Amneal, one of many drugmakers pledging millions of tablets of COVID-19 therapy hopeful hydroxychloroquine, is facing an ingredients shortage after the Finnish government locked down exports of the drug. 
Meanwhile, WHO is warning governments that lifting lockdowns could increase COVID-19 infections and cause a "deadly resurgence" of the disease in areas where new infections have flattened.
April 9, 2020 - Fierce Biotech
There’s more than one way to skin a cat. And in the race to create a plasma-based treatment for COVID-19, industry leaders have decided the best way is to join forces. Takeda and CSL Behring have  set up an alliance  to ramp up the development of such a treatment, joined by other plasma players hailing from the U.K., Switzerland, Germany and France.
The group will work on a treatment made from the plasma of patients who have recovered from COVID-19. Known as hyperimmune immunoglobulins, these drugs are made by purifying antibodies from donated plasma. Takeda had been working on TAK-888, a polyclonal hyperimmune globulin (H-IG) against SARS-CoV-2, the virus that causes COVID-19, but the partners will now focus their efforts on a single, unbranded medicine.
April 8, 2020 - BioPharma Dive
Roche will pay privately held Arrakis Therapeutics $190 million in a  wide-ranging deal  to co-develop small molecule drugs that target RNA molecules.
Cambridge, Massachusetts-based Arrakis will handle the early drug development work, after which Roche can license those that show promise and take the lead on clinical testing. The deal includes a variety of conditional payments that could ultimately exceed "several billion dollars," though that cash is tied to milestones and may never materialize.
Arrakis is one of several emerging companies aiming to target shifty RNA molecules with chemical drugs. Their approach offers the potential to reach drug targets inside cells that are difficult to get at through other methods.
April 7, 2020 - Fierce Pharma
Roche has stepped on the gas in testing Actemra for coronavirus patients, thanks to a little more help from the U.S. government.
With $25 million in backing from the U.S. Biomedical Advanced Research and Development Authority (BARDA), the Swiss drugmaker will speed up Actemra's phase 3 trial in COVID-19 patients, the agency said Tuesday.
The BARDA grant is part of an expanded partnership Roche's Genentech signed with the agency to accelerate clinical trials of Actemra, an IL-6 inhibitor that could help fend off the severe lung inflammation that hits some patients.
April 6, 2020 - Fierce Biotech
Vir Biotechnology is adding GlaxoSmithKline to its roster of COVID-19 partners—and snagging a $250 million investment in the process. The duo will pool their resources to  develop vaccines and treatments  for coronaviruses, starting with two antibodies against SARS-CoV-2, the virus behind the current pandemic, which could hit phase 2 studies as early as this summer.
The pair's immediate focus will be VIR-7831 and VIR-7832, a pair of antibodies identified by Vir’s monoclonal antibody technology that bind tightly to the spike protein of the novel coronavirus. They plan to move the candidates into a phase 2 clinical trial in the next three to five months—subject to regulatory review, of course.
The deal goes beyond just the current pandemic. It includes work to identify antiviral antibodies for preventive and therapeutic use in future outbreaks as well as the COVID-19 outbreak. The partners will also combine their CRISPR screening and artificial intelligence capabilities, along with GSK’s functional genomics know-how, to pinpoint new anti-coronavirus compounds. They’re looking for targets inside cells that, if inhibited, could prevent viral infection—something Vir has done with other viruses such as influenza and hepatitis B.

Bourne Partners Corporate Video
Welcome to Bourne, let's talk.

Since our founding in 2001, Bourne Partners has remained focused on fulfilling the unique needs of established, middle-market healthcare and pharmaceutical companies across the globe. Our track record includes advising middle market companies in healthcare M&A assignments totaling more than $7 billion, and growing companies into successful and well-positioned pharmaceutical enterprises.
Current M&A Pipeline
Representative Current Retained Sell-Side And Partnering Opportunities
Project Capture
Sell-side | Consumer Health | Prescription drug disposal and opioid abuse deterrent solution

Project Athena
Sell-side | Medical Device | Novel medical device for the treatment of pelvic organ prolapse

Project Jaguar
Asset Divestiture | Generic Pharma | Basket of ANDAs

Project Vista
Out-partnering | Pharma | Seeking commercial partner for novel, liquid-format riluzole treatment of ALS

Project Seal
Buy-side | Pharma | Seeking Pain and CNS products as well as legacy/tail commercial pharma assets

Project Vintage
Asset Divestiture | Generic Pharma | Numerous therapeutic categories

Other Opportunities:
What: Turn key specialty pharmacy licensed in all 50 states
  • Contracts with key payers 
  • Ideal platform for specialty products pharma company that seeks to manage distribution for their products in-house
  • Current pharmacy business supports overhead of high performance pharmacist team, current RX business can be moved to other pharmacies if buyer seeks to exclusively distribute an in-house product
For more details contact rstanley@bourne-partners.com
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